Imagine finding a place in the Middle East where you can grow your career, increase your investments and live happily with your family in a most secure way. More expats are looking for a long-term option in the region, so would Saudi Arabia Premium Residency or the UAE Golden Visa be more suitable for them?
In this blog, we are going to discuss the Golden Visa of UAE and Premium Residency of Saudi Arabia. While both countries are offering these programs to attract talent, investment and innovation, there is a need to analyse them in detail.
With years of extensive experience, Analytix is here to provide insights on each of these from a practical standpoint. We have listed out the benefits, demands and potential of each option to help you choose the best for you.
What is Saudi Arabia Premium Residency and UAE Golden Visa?
The UAE Golden visa is long-term residency option enabling the foreign investors and individuals to live, work or study in the UAE while enjoying special benefits. Those who are eligible for Golden visa includes Investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes.
The Premium Residency in Saudi Arabia also known as premium iqama is a residence permit issued by the Government of Saudi Arabia to expatriates who wishes to reside in Saudi while providing them many of the same privileges enjoyed by Saudi nationals.
Scope and Eligibility standards
The UAE Golden Visa holds a broader scope by attracting entrepreneurs, investors, bright students to the UAE and the Premium Residency of Saudi Arabia prioritize particular categories of investments, special talents and significant professions.
Let us now take a look at the requirements for eligibility and scope of each.
Below are the categories eligible for the UAE Golden Visa:
- Investors in Public sector
- Investors in Real estate
- Outstanding talents (specialized)
- Executive Directors
- Athletes
- Specialists in science and engineering fields
- Frontline workers
- Pioneers of humanitarian work
- Inventors
- Brilliant students in high school and university
- Entrepreneurs
- Creative persona in the fields of culture and art
Below are the categories eligible for the Saudi Arabia’s Premium Residency:
- Talented personalities (Sports, Culture and Art)
- Real estate owners
- Investors
- Entrepreneurs
- Limited and unlimited duration
- Individuals with special talents (including researchers and executives, healthcare and science)
However, these differences and distinctions reflects the uniqueness in strategic goals and economic environments of each country. The approach put forward by the UAE is broader offering a large number of investment opportunities and includes a wider range of section, when the program offered by Saudi Arabia is more specific and specialized.
Residency timeframe and extension/renewal
- The residency period of UAE Golden Visa is five to ten years with the option for renewal. The individuals holding golden visa are permitted to stay outside the UAE for more than six months without losing their residency. However, this feature is not explicitly offered in the Saudi visa program.
- Saudi’s Premium Residency offers the options of both limited-duration and unlimited-duration and the holders are allowed to renew only the limited ones.
Family Sponsorship Programs
- Both the visa programs offers a key benefit of self-sponsorship thereby enabling the individual to not rely an employer or company for sponsorship. The respective benefit also extends to family sponsorship for both as well.
- The UAE Golden Visa provides a greater flexibility by not fixing an age limit on the children under sponsorship and the visa holders are allowed to sponsor an unlimited number of domestic helpers. Another important feature is that the family members would be able to stay in the UAE until the end of their permit or in case of expiry/death of the primary holder.
Investment benchmarks
- The UAE demands a minimum property investment of AED2 million, while Saudi Arabia sets the investment threshold at a minimum of SAR4 million. In the case of business investors, the UAE has set a deposit requirement of AED2 million or a similar investment in a business. For the investor residency, the Saudi Arabia has a fixed minimum investment benchmark of SAR7.
- The Expert opinion shows that the new Saudi visas are expected to create a direct impact on the inflow of foreign investments.
Journey towards permanent residency
- Saudi Arabia ensures the open avenues to acquire permanent residency adhering to certain conditions in the categories including special talents.
- However, the UAE does not provide a path to permanent residency. The UAE Golden Visa is itself a primarily option for a long-term residency.
Potential of Gulf Residency Program
Both UAE Golden Visa and Saudi Arabia Premium Residency programs are designed to reshape the future of regions by attracting the talent and investment to the respective countries. The visa program of UAE encompasses a wider range of talents and offers the long-term residency. Meanwhile the program of Saudi Arabia puts forward a more targeted approach leading a way to permanent residency. Together, both the visa programs are in a journey to transform the regions into an ideal destination offering numerous opportunities and brighter future for skilled individuals and investors.
How can Analytix Help You?
Any investor or individual who wishes to apply for the Premium residency of Saudi Arabia requires a good guidance from an expert partner. Analytix simplifies the process to secure the Saudi Premium Residency by offering strong support throughout the application procedure, starting from the form filling, filing of application, document preparation to finally obtaining the permit in your hands. The services offered by Analytix creates a smoother path to acquiring premium residency in Saudi Arabia and ensures a better and fruitful experience for foreign residents in the kingdom.
Analytix is one of the leading business consultancy firms in the kingdom specializing in international business setup support and allied services and can be the one-stop solution for all needs in the field.
Conclusion
Hey, we are so glad you’re here!
Hope you had a great time reading our blog.
We are happy that we could provide you with some vital information about Saudi Arabia Premium Residency and the UAE Golden Visa including the duration, benefits, demands, requirements and future prospects of each in detail.
However, if you feel like we have missed out on anything, let us know in the comments below.
Happy Reading!
